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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI ASIA OPEN: Nov Job Gains, Fed Blackout, CPI/PPI Ahead
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MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
(U3) Heading North
- RES 4: $418.25 - High Apr 14
- RES 3: $403.68 - 76.4% retracement of the Apr 14 - May 25 downleg
- RES 2: $401.00 - High May 1
- RES 1: $394.66 - 61.8% retracement of the Apr 14 - May 25 downleg
- PRICE: $390.00 @ 12:58 BST Jun 16
- SUP 1: $370.30 - Low Jun 5
- SUP 2: $363.80- Low May 31
- SUP 3: $356.50 - Low May 24 / 25 and key support
- SUP 4: $354.10 - Low Nov 28 2022 (cont)
Copper futures remain in a short-term bull cycle and the contract has traded higher again today. Price has breached resistance at the 50-day EMA, at $383.75, and this reinforces current short-term bullish conditions. A continuation higher would pave the way for gains towards the $394.66, a Fibonacci retracement and $401.00, the May 1 high. On the downside, key support and the bear trigger is at $356.50, the May 24 / 25 low.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.